Oil prices posts gains after Russia says it will cut output by 500,000 barrels a day PUBLISHED FRI, FEB 10 2023 6:18 AM EST UPDATED 3 HOURS AGO Ruxandra Iordache
Russia will cut oil output by 500,000 barrels per day in March, Deputy Prime Minister Alexander Novak said on Friday, following Western bans on Moscow's crude and oil products implemented in the past few months. The announced production decline amounts to roughly 5% of Russia's latest crude oil output, which Paris-based watchdog the International Energy Agency estimated was down at 9.77 million barrels per day in December.
The Brent contract for April delivery rose 2.24% to settle at $86.39 a barrel, having risen more than 8% for the week. U.S. West Texas Intermediate crude futures rose 2.13% to settle $79.72 a barrel, and rose 8.63% for the week for to notch the best week since October. Novak said that the reduction will "help restore market relations," according to a Google translation of comments reported by state news agency Tass. He noted that the cut does not apply to gas condensate and will be calculated from actual output levels, not from Russia's quota under the OPEC+ output agreement. The decision was not made in consultation with the OPEC+ coalition, which Moscow co-chairs. OPEC+ producers must typically agree consensus on output policy, with members bound to their targets. But the group has previously allowed voluntary gestures that honor the spirit of existing output agreements — in this case, the Russian decline would build on a previous OPEC+ decision to lower production by a combined 2 million barrels per day, agreed in October last year. Other OPEC producers facing sanctions, such as Venezuela and Iran, have requested and received exemptions from their production quotas. Several OPEC+ delegates previously told CNBC that Russia had so far signaled no intention to ask for similar accommodations. The EU implemented bans on seaborne imports of crude oil on Dec. 5 and of oil products this week. Under a program passed by the G-7 wealthiest nations, Western providers may continue to supply key financial and shipping services to transport Russian volumes to non-G7 destinations, provided these fuels are purchased beneath specific price caps. "As previously stated, we will not sell oil to those who directly or indirectly adhere to the principles of the 'price ceiling'," Novak reiterated on Friday, adding that the price cap program could lead to oil and oil products shortages. "Lower Russian production together with China's reopening should tighten the oil market further over the coming quarters," UBS Strategist Giovanni Staunovo said in a Friday note to clients.
KUALA LUMPUR (Feb 20): Oil and gas offshore marine service provider Perdana Petroleum Bhd has bagged a RM7.96 million contract from Petronas Carigali Sdn Bhd to supply one unit of anchor handling tug and supply (AHTS) vessel. In a filing with Bursa Malaysia on Monday (Feb 20), Perdana Petroleum said its wholly owned subsidiary Perdana Nautika Sdn Bhd has received a work order award from Petronas Carigali on Jan 27. Under the deal, Perdana Nautika will provide the AHTS vessel with crews and equipment. "The contract, which will commence on the vessel's on-hire certificate date, estimated on March 1 is for a duration of up to 245 days, with an option to extend for up to 30 days," it added.
"The contract is expected to contribute positively to the group's earnings and net assets for the financial year ending Dec 31, 2023." Perdana Petroleum shares closed unchanged at 18 sen on Monday, giving it a market capitalisation of RM399.44 million.
https://www.borsig.de/en/fokusthemen/energie https://www.igb.fraunhofer.de/en/reference-projects/megalyseurplus.html MegaLyseurPlus research project:- Project partners:- Fraunhofer Institute for Microstructure of Materials and Systems IMWS (Coordinator) Fraunhofer Center for Chemical-Biotechnological Processes CBP FUMATECH BWT GmbH Infineon Technologies AG Infineon Technologies Bipolar GmbH & Co. KG Siemens AG BORSIG ZM Compression GmbH Hannweber Engineering GmbH
- MegaLyseurPlus research project. - Getting the energy transition into the tanks. Hydrogen is set to play a pivotal role in the energy mix of the future. With the development of a new, oilfree compressor, BORSIG is helping to create the required infrastructure.
The transition to a green hydrogen industry is currently being driven forward at full speed, but before hydrogen can be used on the desired scale, a number of technical challenges still need to be resolved. These issues are the key focus of the MegaLyseurPlus joint research project, in which BORSIG is involved.
The aim of the project is to optimise the individual components of an electrolysis plant in order to make them fit for economic use in large-scale plants generating several megawatts of power. One of the focal points of MegaLyseurPlus is to develop an oil-free compressor for hydrogen. It serves as an interface to end applications, such as the refuelling of fleet vehicles, and to protect the new, eco-friendly propulsion systems, such as fuel cells.
The advantages of the oil-free piston compressor over the current alternatives are quite considerable. The new piston compressor has a slightly higher output than a membrane compressor and a maintenance requirement that is easy to plan.
The standardisation of components was also part of the project, which promises further savings potential during regular operation going forward. A prototype of the compressor is still undergoing a final series of measurements until the end of 2022. After that, nothing will stand in the way of its deployment in the transformation to a green hydrogen economy.
Sell Borsig lar, sell ethanol plant, sell renewable energy UK plant, sell office building, sell office furnitures, appliances and office glass doors, every thing can sell just sell to raise cash to pay off debts. Otherwise will end up like SerbaDynamite and the two can sing song ...Oh happy together.
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Vhydro
1,427 posts
Posted by Vhydro > 2022-12-01 16:22 | Report Abuse
OH NO, no money to pay debt.